EVgo’s (EVGO) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of EVgo (NYSE:EVGO) in a research note published on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $4.00 price objective on the stock.

Several other equities analysts have also issued reports on the company. Evercore ISI dropped their price objective on EVgo from $8.00 to $7.00 and set an outperform rating on the stock in a report on Monday, May 13th. Royal Bank of Canada reaffirmed an outperform rating and set a $4.00 price objective on shares of EVgo in a report on Friday, April 5th. Citigroup dropped their price objective on EVgo from $3.00 to $2.00 and set a neutral rating on the stock in a report on Thursday, May 9th. Benchmark initiated coverage on EVgo in a report on Wednesday, June 5th. They set a buy rating and a $3.00 price objective on the stock. Finally, Needham & Company LLC reissued a hold rating on shares of EVgo in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $4.00.

EVgo Price Performance

EVgo stock opened at $2.53 on Monday. EVgo has a 1-year low of $1.65 and a 1-year high of $5.95. The stock has a market cap of $764.14 million, a PE ratio of -6.66 and a beta of 2.58. The stock’s fifty day moving average is $2.11 and its two-hundred day moving average is $2.42.

EVgo (NYSE:EVGO) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $55.16 million during the quarter, compared to analyst estimates of $52.41 million. During the same quarter in the prior year, the business earned ($0.09) earnings per share. The firm’s quarterly revenue was up 118.0% on a year-over-year basis. On average, research analysts expect that EVgo will post -0.38 earnings per share for the current fiscal year.

Insider Activity at EVgo

In other news, CEO Badar Khan acquired 125,000 shares of EVgo stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $2.01 per share, for a total transaction of $251,250.00. Following the completion of the transaction, the chief executive officer now directly owns 143,874 shares in the company, valued at $289,186.74. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 66.96% of the stock is owned by insiders.

Institutional Investors Weigh In On EVgo

Hedge funds and other institutional investors have recently modified their holdings of the stock. Voisard Asset Management Group Inc. acquired a new stake in shares of EVgo during the 4th quarter valued at approximately $29,000. Simplicity Wealth LLC acquired a new position in shares of EVgo during the 1st quarter worth approximately $36,000. Bleakley Financial Group LLC acquired a new position in shares of EVgo during the 1st quarter worth approximately $36,000. SG Americas Securities LLC acquired a new position in shares of EVgo during the 1st quarter worth approximately $41,000. Finally, Sippican Capital Advisors acquired a new position in shares of EVgo during the 4th quarter worth approximately $43,000. 17.44% of the stock is currently owned by institutional investors and hedge funds.

About EVgo

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.